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Dear Bob & Group,
I met Richard McCall at a weeklong seminar a couple of years ago and found him
to be a remarkably decent and level-headed guy with a very interesting personal
background (as I recall, his father was career military and stationed in Japan
for an extended period of time --- during that time, Richard, as a kid, went to
school but out of boredom began hanging out with the locals --- he learned
Japanese, began martial arts training, and eventually not only acquired a black
belt but also received from his teachers "Shihan" status, an acknowledgement of
his mastery and encouragement for him to teach it --- he returned to the states,
got a PhD in psychology, and eventually established a Zendo in Arkansas, where
he continues to teach martial arts and lately has concentrated his efforts
towards financial traders --- the guy is neither a fool nor a jerk). He was
then in the process of finishing his book. I bought it when it was published
and recommend it and Richard without qualification. His webpage is
http://www.zen-mind.com
I am unfamiliar with Hayden and his "21 Truths."
Another book however, along the same lines that I have found helpful is Ruth
Barrons Roosevelt's "Exceptional Trading: The Mind Game." She has a website,
which I believe is
http://www.ruthroosevelt.com
and which would have more information about her and her services and products.
A third little book that is remarkably simple, so simple that its wisdom is easy
to overlook, is Eddie Toppel"s "Zen in the Markets." His website is
http://www.samaraitrader.com
And, yes, the sum and substance of my experience with the futures market (begun
in 1979 with the run-up in precious metals --- I was hooked) is that at least
for me it is around 99% psychological and 1% (if that, a gross overestimation
IMHO) technical. In fact, when I first began acknowledging that, my trading
improved markedly. In my opinion, successful trading is not about the formulas,
the systems, or anything else "out there" --- it is about what going on "in
here" --- one's beliefs, attitudes, feelings, outlooks, etc and how one goes
about putting them into action, expressing them. One problem, in my opinion,
is that it is just soooo much easier, both objectively and subjectively, to talk
about stuff "out there" than "in here." I regret that difficulty because, like
the response of Willie Sutton when asked "Mr. Sutton, why do you rob banks?",
"in here" is "Where the money is."
Sincerely,
Richard
(www.nowisnow.com, just to keep up with the Joneses, Smiths, and Browns)
Bob Heisler wrote:
> It has been my experience in trading that I can have a perfect entry but
> still lose if I manage the trade improperly. In fact I did exactly that
> this morning. On the flip side, it has also been my experience that I can
> have a less than desirable entry but still be able to win if I manage the
> trade properly. This has led me to the firm belief that mastering the
> psychological aspects involved with trading is far more important than
> anything else.
>
> I am always looking for different ways or tools that can help in this area
> and recently came across a couple of books that I think are excellent and
> wanted to share with the Group. I have no affiliation with either author
> and have not met or spoken with either one of them. Although I am hoping to
> change that in the near future. Both books are available from any of the
> online bookstores for around $25. They are:
>
> "The Way of the Warrior Trader" by Dr. Richard McCall
> "The 21 Irrefutable Truths of Trading" by John Hayden
>
> Hope you find this post of value,
>
> Bob Heisler
> www.rjhtrading.com
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